Reversing the previous day’s lost points; equities trading on the floor of the Nigerian Stock Exchange ended in the positive territory, as the lead performance pointer, NSEASI added 18Bpts to its trading points and closed at 38,482.52 from 38,414.37. Safe NSE-Consumer Goods and NSE-Oil & Gas Index that shed points, other observed market indices in this report closed above their respective opening points. Thus, WtD, the lead index is 59Bpts above the opening point, while the total gained points in the month of June is now 12Bpts. See the index movement table for details.

Looking back through the lead index trend for the year, it will be noticed that from the 1st of February, the market had suffered heavy downtrend that dragged its trading points down from 42,357.90 to 38,382.40 in March 19th and between that time and the end of May, it had recorded a failed recovery from the heavy drop, because it started recording new a lower lows from 20th May. Although the market had commenced the month of June on a positive note giving a renewed recovery hopes, the momentum seem to be dying off after few day’s gain. Please understand that, if the bull successfully dragged the market back before 39,500 point, it is an indication that the downtrend will continue. Technically, in a downtrend such as we have in the market today, the best trading strategy is to target very low returns from every position. Traders are to target dropping equities with good fundamentals for short term trade. Meanwhile, investors should rather focus on the strength of the equities in their basket and take advantage of dropping prices to reduce portfolio’s short falls.  

The total value gained by the Market Capitalization of the listed equities during today’s trading activities was N23.268 billion, same as 12Bpts above the opening value. Meanwhile, trading activities for the day produced 15 ADVANCERS and 20 LAGERS. NSEASI Year to Date loss is now 444Bpts while the Market Capitalization Year to Date loss stood at N998.75 billion same as 474Bpts below the year’s opening value.

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